Newbie wanting to get into rehabbing and flipping.

Rehabbing & House Flipping
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Newbie wanting to get into rehabbing and flipping.

Edward Carrillo
Member since 2021 · 8 posts · 2 votes

Hi my name is Edward, I am new to BP. I am wondering if there are any investors in Utah? I am wanting to get into rehabbing and flipping and would like to sit down and talk to a investor. Thank you everyone! 

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Wale LawalBusiness Member
Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
4y

Hi @Edward Carrillo, welcome to BiggerPockets, you are definitely in the right place. Just make sure to consume contents here as much as possible and feel free to ask any questions you may have. We are here to help each other grow.

Goodluck

[email protected]832-776-9582Podcast Guest on Show #469
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  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    4y

    Hi @Edward Carrillo, welcome to BiggerPockets, you are definitely in the right place. Just make sure to consume contents here as much as possible and feel free to ask any questions you may have. We are here to help each other grow.

    Goodluck

    [email protected]832-776-9582Podcast Guest on Show #469
    NETWORTH BUILDERS5236 Reviews
    WebsiteView Page
    1Reply
  • Edward Carrillo
    OP
    Member since 2021 · 8 posts · 2 votes
    4y

    Thank you for the advice Wale! 

    0Reply
  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    4y

    Before you sit down and speak to an experienced investor, it would benefit you greatly to do some research here on BP (for free) to learn the lingo, the steps, the formulas, etc. Going into a sit down completely green will not be a good use of your time and certainly not for the experienced rehabber. You should come to the table with some knowledge first. Staying active in the rehab forum and engaging the community with questions and replies will go a long way. It takes time, there are no short cuts.

    Podcast Guest on Show #130
    0Reply
  • Dan Wynn
    Investor · Columbus, GA · Member since 2015 · 190 posts · 79 votes
    4y

    @Edward Carrillo Welcome to the BiggerPockets! Good luck.

    0Reply
  • Edward Carrillo
    OP
    Member since 2021 · 8 posts · 2 votes
    4y

    @Will Barnard 

    Hi Will, thank you for the advice. I honestly was stuck on where to start but now I know where to start. Appreciate it. 

    1Reply
  • Mel Hayes
    Investor · Los Angeles, CA · Member since 2016 · 256 posts · 111 votes
    4y
    Hi Edward,

    What knowledge are you starting out with? There is tons of free information but I don't want to lead you in the wrong direction.

    Cheers.
    0Reply
  • Edward Carrillo
    OP
    Member since 2021 · 8 posts · 2 votes
    4y

    Hi Mel,

    So I’ve been listening and reading a ton of posts on the forums, but that is basically it. 

    0Reply
  • Mel Hayes
    Investor · Los Angeles, CA · Member since 2016 · 256 posts · 111 votes
    4y
    Well in order to flip a deal, you're going to need to find deals.  Find a price point you can purchase properties at, find the location, drive that location looking for run down houses or vacant houses, research the houses, decide how you want to contact those owners, analyze the properties, make offers, get rejected, get no response at all, get counter offers, etc... Pick up J. Scott's book on flipping houses. Although the market has changed since the book was written, subjects about how to find contractors, building a scope of work, managing contractors, how to sell your property are all still relevant.
    1Reply
  • Edward Carrillo
    OP
    Member since 2021 · 8 posts · 2 votes
    4y

    Okay so I have found the location I was looking at investing in. I was thinking on doing mailing in letter, but I’m not really sure how people find the lists on homes. I will be ordering the book today. Also any books I can read for how to negotiate and make offers? 

    0Reply
  • Mel Hayes
    Investor · Los Angeles, CA · Member since 2016 · 256 posts · 111 votes
    4y
    Originally posted by @Edward Carrillo:

    Okay so I have found the location I was looking at investing in. I was thinking on doing mailing in letter, but I’m not really sure how people find the lists on homes. I will be ordering the book today. Also any books I can read for how to negotiate and make offers? 

     Yes, Anson Young's book on finding and funding great deals covers negotiating and making offers.  Their are other great books on negotiating.  The art of the deal by Trump is good, (we talking money not politics). I think J. Scott has a book on negotiating. But if you get to the point where you're negotiating, then you're in a good spot.

    You can use list source to find and generate list but just know, mailing has 1% response rate.

    0Reply
  • Edward Carrillo
    OP
    Member since 2021 · 8 posts · 2 votes
    4y

    Awesome I’ll look into those books. So what would be the best way to find deals? I’m guessing the best ones would be off market right? 

    0Reply
  • Brian Nally
    Investor · Austin, TX · Member since 2021 · 96 posts · 61 votes
    4y

    Hi @Edward Carrillo , welcome to BiggerPockets. There is lots of great/free info on this site. Try to take in as much as possible as it will save you time and money down the road. trust me.

    0Reply
  • Edward Carrillo
    OP
    Member since 2021 · 8 posts · 2 votes
    4y

    @Brian Nally thank you, I will do that! 

    0Reply
  • Dave Schmidt
    Lender · Member since 2018 · 46 posts · 34 votes
    4y

    @Edward Carrillo Learn the lingo of real estate investing. Invest a TON of time into yourself right now by watching YouTube videos, podcasts and reading blogs. Remember there is a lot of good and bad information out there!

    Learn how to find great deals. This is the hardest part for every single investor, seldom do you hear - "I am so overwhelmed because I have so many great deals available to me right now". 

    I am not saying to neglect the other parts of the business, but just remember without deals you are a dead in the water.

    0Reply
  • Adam Mittermeier
    Specialist · Little Rock, AR · Member since 2018 · 148 posts · 71 votes
    4y

    @Edward Carrillo my advise would be to read books and absorb as much information you can here. If there are any local real estate(RE) meetups, I highly encourage you to go to them, you will learn a lot from other investors there. Plus, it's very likely you will connect with a rehabber or two at the meetups. Organically build these relationships. And most of all... Bring value to the table when you meet with an experienced rehabbed, because he/she very well may be looking to trade theier knowledge for value you can bring. Hope this helps.

    0Reply
  • Edward Carrillo
    OP
    Member since 2021 · 8 posts · 2 votes
    4y

    Thank you everyone for the help. I now know where I need to start. 

    0Reply
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